Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Kisha opened an Office Cleaning Service company on January 1 , 2 0 2 5 . During the year she had the following transactions. a
Kisha opened an Office Cleaning Service company on January During the year she had the following transactions.
a She started the business with investing $ of her own money business was organized as corporation
b Purchased $ of furniture and equipment. Paid $ in cash and the rest was on account.
c Purchased a truck for $ for business use. Paid $ in cash and signed a year note for the rest.
d Borrowed $ from the bank by issuing a year note.
e During the year, provided $ services to customers of which $ was collected, the rest was not yet collected as of Dec. st
f During the year, she incurred $ of salaries and wages expenses of which $ was still not paid as of Dec. st
g During the year, she paid $ to the bank of which $ was for interest and the rest was for payment of the principal of the loan.
h During the year, she took $ as dividend dividends paid to shareholders
i During the year, purchased $ of supplies in cash.
j During the year collected $ interest from the bank.
k During the year paid $ for renting office space.
l She sold $ of unnecessary equipment in cash at cost
m She collected $ from a customer in advance for services to be rendered next year.
n During the year paid $ income taxes to IRS.
o A physical inventory revealed only $ of the supplies was left on Dec. st
p Depreciation expense for the year was $
Compute and provide answers to the following questions.
Example of Answer: No comma, space, decimal point, or $ sign.
Show net loss or negative net cash flows with minus. Example:
Total operating revenues for the year
Total operating expenses for the year
Income from operations for the year
Net income or Net Loss for the year
Retained Earnings as of Dec. st
Total Current Assets as of Dec. st
Total Current Liabilities as of Dec. st
Net cash flows from operating activities
Net cash flows from investing activities
Net cash flow from financing activities
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started